Second Chance Law in Spain

The Law of Second Opportunity - or Second Chance Law - in Spain, is ideal for individuals and self-employed professionals overwhelmed by unmanageable debts. If you are facing financial challenges and wish to negotiate, reduce, or even cancel your obligations, this service offers a legal pathway to regain financial stability.

To benefit from the Second Opportunity Law, applicants must meet these criteria:

• Total debts should not exceed €5 million.

• Demonstrate good faith and a history of honest financial dealings.

• No prior use of the Second Opportunity Law within the past 10 years.

• Not be declared in insolvency proceedings caused by deliberate wrongdoing.

• Attempt to negotiate an out-of-court settlement before proceeding.

1. Initial Assessment: We analyse your financial situation and eligibility.

2. Document Preparation: Collect and organise all necessary financial and legal documentation.

3. Out-of-Court Negotiations: Attempt to reach agreements with creditors.

4. Judicial Proceedings: If required, represent you in court to formalise debt cancellation or restructuring.

5. Support Throughout: Provide ongoing advice to ensure compliance and maximise benefits.

• Debt Reduction or Cancellation: Significant financial relief by reducing or eliminating debts.

• Legal Protection: Halt foreclosures and garnishments while safeguarding part of your income.

• Starting Fresh: Eliminate financial burdens and clear your name from debtor lists.

• Expert Guidance: Receive advice from seasoned legal professionals specialising in Spanish insolvency law.